The United Nations Industrial Development Organization has unveiled $20.6 million for the cash-strapped Zimbabwean government for resuscitating the country’s ailing industries.
The country program will be implemented over a three-year period.
Industry and Commerce Minister, Mike Bimha told the state-run Herald Newspaper that the approval of the program was a “timely intervention that would enhance industry competitiveness, at a time local industry has suffered capacity constraints”.
Zimbabwean manufacturing industry has declined with dozens of companies folding over the years due to a depressed economy.
Executive director, John Mufukare, of the Employment Confederation of Zimbabwe told Studio Seven that the money was a “drop” in the ocean but was at least a good start.
"We are very happy with the funds that have been unveiled. This translates to about US$7 million per year for the whole country which is inadequate but every little bit counts," said Mufukare.
